UK
unemployment
rose
unexpectedly
in
the
three
months
to
June,
while
at
the
same
time
wage
inflation
accelerated
more
quickly
than
expected,
figures
from
the
Office
for
National
Statistics
(ONS)
showed
on
Tuesday.
The
UK
jobless
rate
rose
to
4.2%
in
the
three
months
to
June,
the
ONS
said.
Market
consensus,
as
cited
by
FXStreet,
had
expected
it
to
remain
unchanged
from
4.0%
in
the
three
months
to
May.
Also
in
the
three
months
to
June,
annual
growth
in
average
total
pay,
including
bonuses,
accelerated
to
8.2%
from
the
upwardly
revised
figure
of
7.2%
in
the
previous
three-month
period.
June’s
figures
overshot
FXStreet-cited
consensus
of
7.3%.
“This
total
growth
rate
is
affected
by
the
NHS
one-off
bonus
payments
made
in
June
2023,”
the
ONS
noted.
Still,
excluding
bonuses,
average
earnings
rose
7.8%,
compared
to
the
upwardly
revised
reading
of
7.5%
in
the
previous
month.
June’s
rise
was
above
the
consensus
of
7.4%.
The
previous
month’s
wage
inflation
figures
were
initially
recorded
as
6.9%
including
bonuses,
and
7.3%
excluding
bonuses.
UK
consumer
price
inflation
was
7.9%
annually
in
June.
In
the
period
from
May
to
July,
vacancies
fell
by
66,000
on
the
quarter
to
1.0
million.
“In
May
to
July
2023,
total
vacancies
were
down
by
256,000
from
the
level
of
a
year
ago,
although
they
remained
219,000
above
their
pre-coronavirus
January
to
March
2020
levels,”
the
ONS
noted.
By
Elizabeth
Winter,
Alliance
News
senior
markets
reporter
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